Word: dollar
(lookup in dictionary)
(lookup stats)
Dates: during 1970-1979
Sort By: most recent first
(reverse)
With the near collapse of public faith in the peso-down from 36 to the dollar a year ago to 320 last week-Argentines have devised various strategies for financial survival. To get around the government's fixed dollar exchange rate on exports, for instance, some companies arrange for inflated invoices on imports, collect excess dollars at the lower official rate, supposedly to pay the phony bills, then cash the difference on the free market. Many shopkeepers have two sets of books-one that lists transactions at official prices and is shown to government inspectors, and another with actual...
...rich deal with inflation by buying property that is likely to rise in value, such as automobiles and real estate, or stash their money in banks in neighboring Uruguay, where dollar accounts are legal. The average worker has no such sanctuaries. Like many other blue-collar workers, one factory stock clerk named Victor, 56, finds that his hard-won comforts are vanishing fast. Once his family regularly dined on beefsteaks; now, he says, "we don't know what meat looks like. We eat ravioli." His 13,000 peso monthly salary is now worth only about $40. Last year...
Something like an old-fashioned monetary crisis gripped Europe last week. Currencies wobbled, governments felt threatened, and the carefully worked-out international agreements aimed at keeping exchange rates stable seemed on the verge of collapse. The French franc lost 3.7% of its value against the dollar and the Italian lira 8.6%. The British pound, weakened by confusion surrounding the surprise resignation of Prime Minister Harold Wilson, continued to trade at record low prices. As anxiety began to shake the money of other nations, traders rushed to buy up strong West German marks. That left West German authorities struggling to avert...
First Stage. Sink it promptly did-to a low of 4.775 to the dollar and a close of 4.72, v. 4.551 the week before last. That was the first stage in a decline that moneymen thought might eventually come to 10%. The drop seriously embarrassed the government of President Valery Giscard d'Estaing. It was Giscard, a staunch proponent of currency stability, who had brought France back into the snake last July, over the objections of his top economic advisers...
...nervousness generated by the troubles of the franc and pound intensi fied the already alarming slide in the lira. In a single day, the lira fell from 842 to the dollar to 880; it closed at 875-down 27.6% from 686 as recently as Jan. 20. To boost government revenues and restore confidence in the lira, the government of Prime Minister Aldo Moro started a harsh austerity policy. Among other things, it raised taxes on auto sales, lifted the price of gasoline by 14.3%, to $1.73 a gallon, and raised the government bank lending rate a startling four points...